Executive Order to forgive $50,000 in student debt

[LeftofLeft]

Bachelors Degrees and Certificates are not a problem provided they are in an area for which there is market demand for those skills sets. What is so stupid about that?

A lot.

Having a Bachelor's in history did not make me any better at Purchasing than buyers who had more experience, but when 2008 came, I had a much easier time finding a new gig than two of my colleagues.

Did you assume $100ks in debt on it and hop 3 time zones to attend a private college and whine like a bitch about it for the US taxpayer to bail you out because you couldn’t find a job? That is what needs to stop.

 

[Fort Fun Indiana]

Did you assume $100ks in debt on it and hop 3 time zones to attend a private college and whine like a bitch about it for the US taxpayer to bail you out because you couldn’t find a job? That is what needs to stop.

The average State university (not private, not even one time zone over) tuition is about $10K/yr. Another $10K (very) basic living expense figured in, that's $20K/yr basic financial need. What was your annual, disposable income at age 18? 19? 20?

We always say people should try harder, get more skills, more education, get better jobs. That's what these people are generally doing. Do you realize how many people HAVE student debt? As Tywin would say: "A tremendous amount".

 

[Jarlaxle]

It will come from other things. They can cut welfare and military!

We can cut military. Nothing would make China happier. But who is going to cut welfare? Isn't the federal government paying for your school loan enough welfare?

Cut everything. Fire up the chainsaws and start slashing.

 

[San Souci]

I know anything to do with 'Social Justice" sucks.

Exactly. And you use that self defense mechanism just justify not knowing shit about shit about it, yet having a strong opinion anyway. Uh... good for you.

By the way, at the university where I teach sometimes, the Diversity Office lead position was just filled at a 6-figure salary. And this was after the gentleman lost out on a similar position at a locally based bank for over double that salary. So you keep pounding that nail and complaining about things you know nothing about.

I know this was a great country once. Now it is Sodom and Gomorrah because of "Social Justice".

 

[LeftofLeft]

Did you assume $100ks in debt on it and hop 3 time zones to attend a private college and whine like a bitch about it for the US taxpayer to bail you out because you couldn’t find a job? That is what needs to stop.

The average State university (not private, not even one time zone over) tuition is about $10K/yr. Another $10K (very) basic living expense figured in, that's $20K/yr basic financial need. What was your annual, disposable income at age 18? 19? 20?

We always say people should try harder, get more skills, more education, get better jobs. That's what these people are generally doing. Do you realize how many people HAVE student debt? As Tywin would say: "A tremendous amount".

Exactly. You made my point. Why would a student or parent want to go triple the numbers in debt on the numbers you posted for state and local universities by going to private colleges three time zones away concentrating in a major with little or no path to a job market that will help them manage their debt?

I am not opposed to government assistance or access to debt financing for the scenario and numbers you site for State and Local universities. I am opposed to facilitating the abuses in the scenarios I provide where the debt can be 3X of State and Local scenarios you provide. I am saying there needs to be more limits and controls to prevent out of control debt.

 

[JoeB131]

We can cut military. Nothing would make China happier. But who is going to cut welfare? Isn't the federal government paying for your school loan enough welfare?

For those playing along at home, Ray is on a disability because he can't drive a truck, even though he can sit down for 8 hours a day complaining about "Those welfare people".

 

[JoeB131]

Did you assume $100ks in debt on it and hop 3 time zones to attend a private college and whine like a bitch about it for the US taxpayer to bail you out because you couldn’t find a job? That is what needs to stop.

No, because 35 years ago, you could afford college because the state picked up most of the operating expenses of the University. So it actually made sense to go to a state college. Also, inflation hadn't eaten up the minimum wage and you could actually afford to go to college working a minimum wage job.

For instance, when I went to UIC in the 1980's, tuition and fees were about $500 a quarter (They weren't' actually quarters, they were more like trimesters, but never mind.) So I could pay for a four year degree spending about $6000.00. Today, In-state tuition at UIC is $15,214. It costs $60,000 to stay in state.

Now, I'd be happy to go back to what we had back then.

 

[pknopp]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

he banks made bad loans they should be the only ones on the hook for the money

We already had a bank bailout a few years ago.

We are bailing the banks out every single day. We have been for years.

 

[JoeB131]

We are bailing the banks out every single day. We have been for years.

Because Banks are federally insured. They kind of have to be. Otherwise people would keep their money in their mattresses

 

[pknopp]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

So should all VA loans be cancelled?

Sure. If some get free money from the government, all should.

My opinion is that no one should get free money from the government, banks, businesses, students or anyone else. We have a financial crisis and it is getting worse as our debt swells. We need to quit the rich vs. poor BS and tax all and cut spending to the bone to reduce debt, not increase it.

That's great for you to believe that but it's not what is happening nor is it going to happen until it all blows up.

I know that and even after it blows up, we won’t learn.

Every day we see examples of where we never learn.

 

[pknopp]

We are bailing the banks out every single day. We have been for years.

Because Banks are federally insured. They kind of have to be. Otherwise people would keep their money in their mattresses

Deposits are insured. Investments are not. We are bailing out the investments. You would only bail out deposits after the fact.

 

[JoeB131]

Deposits are insured. Investments are not. We are bailing out the investments. You would only bail out deposits after the fact.

So you think they are keeping all those deposits in a big vault like Scrooge McDuck?

Ah, we dodged a bullet with you Bernie Bros.... you have no idea how the real world works.

 

[pknopp]

Deposits are insured. Investments are not. We are bailing out the investments. You would only bail out deposits after the fact.

So you think they are keeping all those deposits in a big vault like Scrooge McDuck?

Ah, we dodged a bullet with you Bernie Bros.... you have no idea how the real world works.

On your knee's for the 1%. You are as bad as the Capitalists who pretend to not support Socialism.

 

[JoeB131]

On your knee's for the 1%. You are as bad as the Capitalists who pretend to not support Socialism.

Hey, guy, I'm a realist. Banks can't operate by putting money in a vault. They have to loan it out, whether it be in investments, credit cards, mortgages.

And frankly, it works out. Try buying a house or a car cash on the barrel.

So I go back to my metaphor.

I look at Capitalism as being like a Pitt Bull.

The Conservative wants the Pit Bull to be able to roam the neighborhood, and if he mauls the local children, it's their own damned fault for getting in the way.

The Socialist wants to take the pit bull out into the woods and shoot it.

Me. I want the pit bull kept on a leash, and sent to obedience school. I recognize it has its uses and it's owner has rights.

 

[pknopp]

On your knee's for the 1%. You are as bad as the Capitalists who pretend to not support Socialism.

Hey, guy, I'm a realist. Banks can't operate by putting money in a vault. They have to loan it out, whether it be in investments, credit cards, mortgages.

And frankly, it works out. Try buying a house or a car cash on the barrel.

So I go back to my metaphor.

I look at Capitalism as being like a Pitt Bull.

The Conservative wants the Pit Bull to be able to roam the neighborhood, and if he mauls the local children, it's their own damned fault for getting in the way.

The Socialist wants to take the pit bull out into the woods and shoot it.

View attachment 454981

Me. I want the pit bull kept on a leash, and sent to obedience school. I recognize it has its uses and it's owner has rights.

It all worked before Clinton and the GOP overturned Glass Steagall.

Obama, Dodd and Frank created a bill to institutionalize "To Big to Fail" as opposed to simply reinstating G/S.

 

[Admiral Rockwell Tory]

Most taxpayers will be a lot happier helping kids get out of debt than they are about the half billion dollars taxpayers are spending to defend the nation and insurrectionists stirred up by Donald Trump. What a fucking waste of money that has been.

No, most taxpayers will not. We are 28 billion in debt right now, and Dementia Joe wants to add another 2 trillion to buy votes, bailout liberal cities and states, and payoff his union friends from the teachers union. My niece and nephew just paid off their college loans, so how are they supposed to feel if something like that would ever pass? All that work for nothing?

You mean "trillion" I hope?

 

[Admiral Rockwell Tory]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

he banks made bad loans they should be the only ones on the hook for the money

Banks have nothing to do with it. The loans are from the US government.

Stafford Loans are federal loans made by the government, meaning you're borrowing directly from the U.S. Department of Education. That's who you'll repay when it's time, too. Today, 92% of all student loans are made by the federal government.

www.salliemae.com

If you're borrowing from the government, you're borrowing from the taxpayers.

Thank you Mister MOTO. That was the point! No banks are involved in the vast majority of loans.

 

[Admiral Rockwell Tory]

Congratulations US Taxpayer, looks like you will get to pick up the $50,000 tab of irresponsible college students and families who took on more debt than they could handle because they felt entitled to go to private elite colleges 3 time zones away and concentrate their studies in useless majors that have no demand in the job market. -LeftofLeft

Why is going to college irresponsible? And what do you mean "more debt than they could handle"? That's not really up to you, that is up to the banks and loaners of said debt...I mean c'mon. Give these folks a break, they wanted to get an education for a better life. This $50k forgiveness will allow us to stop spending so much on student loans to the Department of NEDucation...and go spent it on groceries.

There are no banks. The money is from the taxpayer.

 

[Admiral Rockwell Tory]

Good, what about the 20 and 30 somethings that just finished paying off their loans in December working two jobs, eating Raman noodles and tv dinners to get by so they can be responsible adults and pay back money they owe? What do you tell those people?

DAAAAAAAAAAAAAAAAYUM, you got suckered!

I've been paying student loans since 2013 (7 years) - and I am fine with brand new college kids getting loan forgiveness. Good for them, hope they get educated and provide great labor to our workforce for the next 30+ years.

That's my 2 cents

That is what it is worth!

 

[Admiral Rockwell Tory]

I've been paying student loans since 2013 (7 years) - and I am fine with brand new college kids getting loan forgiveness. Good for them, hope they get educated and provide great labor to our workforce for the next 30+ years.

That's my 2 cents

And where do you think that money is going to come from? I'll give you a hint: we are 27 trillion dollars in debt, and Biden is going to put us 29 trillion in debt very soon.

It will come from other things. They can cut welfare and military!

Yeah, right!

I work for the military, as does my daughter and son-in-law. Are you going to put us out of work?